EU allows Russia to keep leased aircraft

The European Union allowed the leased aircraft to be transferred to Russia after full payment of the lease, a statement posted in the official journal of the European Union reads.

Thus, now EU companies will be able to fulfil financial leasing contracts that were concluded with Russian airlines until February 26. After the expiration of the contract, the aircraft under the terms of the financing lease will become the property of carriers from Russia.

”The national competent authorities may authorise, under such conditions as they deem appropriate, the execution of an aircraft financial lease concluded before 26 February 2022 after having determined that: (a) it is strictly necessary to ensure lease re-payments to a legal person, entity or body incorporated or constituted under the law of a Member State which does not fall under any of the restrictive measures provided for in this Decision; and (b) no economic resources will be made available to the Russian counterpart, with the exception of the transfer of ownership of the aircraft after full reimbursement of the financial lease,” the explanation reads.

In late February, the EU imposed a ban on the supply of civil aircraft and spare parts to Russia, the provision of services for their maintenance and insurance. Aircraft already in operation in the country, in accordance with the sanctions, must be returned to foreign lessors.